Nano (cryptocurrency)
| Nano | |
|---|---|
| Ticker symbol | NANO, formerly XRB |
| Development | |
| Original author(s) | Colin Lemahieu |
| White paper | https://nano.org/en/whitepaper |
| Initial release | October 24, 2015 |
| Latest release | V20 / November 13, 2019 |
| Code repository | Nano Github |
| Written in | C++ |
| License | BSD 2-Clause |
| Website | nano |
| Ledger | |
| Issuance | Captcha faucet (ended) |
| Block explorer | www |
| Circulating supply | 133,248,297 |
| Supply limit | 133,248,297 |
Search Nano (cryptocurrency) on Amazon.
Nano is an open source cryptocurrency whose goal is to be peer-to-peer, decentralized digital cash. It is designed for feeless and fast transactions over a decentralized network of nodes using a variation of Delegated Proof of Stake (DPoS) consensus called Open Representative Voting (ORV).[1][2][3] Nano's underlying data structure is a Block-Lattice, which combines a distributed ledger with individual account chains.[3]
History
Nano was launched in 2015 as Raiblocks and was distributed to the public via a CAPTCHA faucet. The faucet operated between late 2015 and late 2017, at which point it was switched off. The remaining unclaimed supply of Nano was burned.[4] Raiblocks rebranded as Nano in 2018[5]
In 2018, the Italian-based cryptocurrency exchange Bitgrail reported that 17 million Nano, worth approximately $170 million US dollars, had been lost in an exchange hack.[5][6][7] In January 2019, the Court of Florence found the owner of the exchange liable for the losses.[8] As of November 2019, bankruptcy proceedings are underway.[9]
In October 2019, Nano developer Wesley Shillingford released a demo[10] which showcased a plugin for the Unreal Engine. This plugin allows game developers to add in-game two-way micropayments using Nano. The demo showcased Nano payments made to the player as they played for killing monsters and collecting powerups.
Design
Block-Lattice
Instead of using a single monolithic blockchain, every Nano account has its own blockchain that is then replicated to all nodes on the network.[11]
Comparison to Bitcoin
Nano is different from Bitcoin (the cryptocurrency with the largest market capitalization as of December 2019) in several ways:
- Instead of transaction fees, Nano transactions require Proof-of-Work to prevent spam
- Median transaction confirmation times are less than 1 second
- Nano's energy consumption per transaction is multiple orders of magnitude lower than Bitcoin
- Instead of one blockchain for all transactions, every Nano account has its own blockchain
- Instead of mining, representatives validate transactions with a weighted voting system based on the amount of Nano delegated to them by other users
- Nano uses an account-based ledger system, where transaction values are debited from accounts and credited to another, as opposed to Bitcoin's UTXO system, which is more analogous to spending cash and receiving change in return
Decentralization
Nano is decentralized.
- Nano does not have a central authority
- There is no central server; the Nano network is peer-to-peer
- There is no central storage; the Nano ledger is distributed
- The ledger is public; anybody can store it on their computer
- There is no single administrator; the ledger is maintained by a network of representatives chosen by Nano users
- Anybody can become a representative
- Additions to the ledger are maintained by account owners since they control their own blockchains. These transactions are validated by representatives
- Anybody can create a new Nano address (a Nano counterpart of a bank account) without needing any approval
- Anybody can send a transaction to the network without needing any approval; the network merely confirms that the transaction is legitimate
Fees
Privacy
Speed
Criticism
Incentives to maintain the network
Since there are no miners or transaction fees, Nano has been criticized for having weak incentives to maintain the network over time. Nano instead relies on keeping the cost of consensus low, and indirect incentives that come from the network itself (e.g. fast, feeless, and decentralized transactions).
Transaction spam
Since there are zero transaction fees, Nano has been criticized for being vulnerable to spam transactions that are intended to slowdown or disrupt the network. Nano instead relies on Proof-of-Work to prioritize transactions and prevent spam.
References
- ↑ Žarko, Ivana Podnar; Benčić, Federico Matteo (2018-04-26). "Distributed Ledger Technology: Blockchain Compared to Directed Acyclic Graph". arXiv:1804.10013v1 [cs.DC].
- ↑ Kim, Yongdae; Song, Dawn; Kim, Minjeong; Liu, Jian; Kwon, Yujin (2019-05-13). "Impossibility of Full Decentralization in Permissionless Blockchains". arXiv:1905.05158v1 [cs.CR].
- ↑ 3.0 3.1 Shahaab, A.; Lidgey, B.; Hewage, C.; Khan, I. (2019). "Applicability and Appropriateness of Distributed Ledgers Consensus Protocols in Public and Private Sectors: A Systematic Review". IEEE Access. 7: 43622–43636. doi:10.1109/ACCESS.2019.2904181. ISSN 2169-3536.
- ↑ {{Cite|url=https://medium.com/nanocurrency/the-nano-faucet-c99e18ae1202%7Ctitle=The Nano Faucet|date=2018-10-26
- ↑ 5.0 5.1 Vigna, Paul (2018-02-10). "Cryptocurrency Worth $170 Million Missing From Italian Exchange". Wall Street Journal. ISSN 0099-9660. Retrieved 2019-05-25.
- ↑ "Italian cryptocurrency exchange gets hacked for $170 million in Nano". TechCrunch. Retrieved 2019-05-25.
- ↑ "BitGrail Cryptocurrency Exchange Claims $195 Million Lost to Hackers". Fortune. Retrieved 2019-05-25.
- ↑ Canellis, David (2019-01-28). "Italian court forces BitGrail CEO to repay $170M in 'lost' cryptocurrency". Hard Fork | The Next Web. Retrieved 2019-05-25.
- ↑ Baldwin, Rosecrans (2019-11-26). "Cryptocurrency Will Not Die". GQ. Retrieved 2019-11-27.
- ↑ Stevens, Robert (2019-10-15). "Unreal Engine 4 games get crypto transactions with Nano plug-in". Decrypt. Retrieved 2019-11-27.
- ↑ LeMahieu, Colin. "Nano: A Feeless Distributed Cryptocurrency Network" (PDF). Retrieved 2019-12-05.
External links
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Category:Internet protocols
Category:Payment systems
Category:Cryptocurrencies
Category:Blockchains
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